This article takes a look at the 5 worst cities in the Southeast for retirees. If you wish to read our detailed analysis on navigating retirement living in the US, you may go to 12 Worst Cities in the Southeast for Retirees.
5. Florence, Kentucky
Insider Monkey Score: 29
Cost of Living Index: 96.2
Tax-friendliness: Tax-friendly
Median House Price: $285,500
Health Score: Below 25
Starting off our top five for worst cities in the Southeast for retirees is Florence in Kentucky. While Florence is a favorable retirement city from a financial perspective, the healthcare story is a different narrative. Gaining poor ratings across factors such as physical health, socio-economics, and behavioral health, senior citizens with imperfect health may want to think twice before a Florence retirement.
4. Opelika, Alabama
Insider Monkey Score: 27
Cost of Living Index: 91.9
Tax-friendliness: Tax-friendly
Median House Price: $320,200
Health Score: Below 25
Opelika in Alabama is most famous for its extensive railroad history. From a financial lens, the city boasts a lower than average cost of living, and its median house price is also a rough $67,000 below the running US figure. However, the same cannot be said for health standards and retirement tax policies. While social security payments are exempt from tax deductions, IRAs and 401(k)s are taxed under regular income policies.
3. Charlottesville, Virginia
Insider Monkey Score: 16
Cost of Living Index: 105.2
Tax-friendliness: Tax-friendly
Median House Price: $567,000
Health Score: Below 25
The number three spot for worst cities in the Southeast for retirees goes to Charlottesville in Virginia, a city that clearly doesn’t favor its retiree population. With a cost of living that is 5.2% higher than the national average, poor health, and a median house price that is above the $550,000 mark, the city becomes unaffordable for a large class of retirees.
2. Palm Beach, Florida
Insider Monkey Score: 9
Cost of Living Index: 114.1
Tax-friendliness: Very tax-friendly
Median House Price: $3,500,000
Health Score: Below 25
Another Florida pick, there’s no explanation needed for why Palm Beach has gained a place on our list. With median house prices sitting at a whopping $3.5 million, retirees who dream of purchasing their forever home on a budget may want to steer clear of the city. The same goes for everyday Palm Beach living as the city has a cost of living that is 14.1% higher than the national average.
1. Annapolis, Maryland
Insider Monkey Score: 9
Cost of Living Index: 114.7
Tax-friendliness: Moderately tax-friendly
Median House Price: $599,000
Health Score: Below 25
For the number one spot, we have our only Maryland city, Annapolis. Located on Chesapeake Bay, Annapolis is known for its rich historical significance. However, the city offers little else to retirees, especially from a monetary point of view. The cost of living is 14.7% above the national average and median house prices just miss the $600,000 mark, making it an expensive city for retirees on a budget.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at Top 20 Chocolate Companies in the World by Revenue and 30 Countries with Highest Standard of Living Ranked by GDP (PPP) Per Capita.
